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Payment Fraud Surge In Cyprus Outstrips Eurozone Trends But Remains Under Control, Says Central Bank

by THEFUTURE.TEAM

August 28, 2025

Overview Of The Spike In Payment Fraud

The Central Bank of Cyprus (CBC) has disclosed a significant surge in payment fraud during the second half of 2024. Despite the notable increase, Cyprus continues to report lower fraud levels than the broader eurozone, reinforcing the island’s relative resilience in digital transaction security.

Rising Volumes And Escalating Losses

The CBC report indicates a 34 percent year-over-year increase in fraudulent transactions, totaling approximately 14,000 cases, while the financial impact surged by 26 percent to reach €3 million. In comparison, the eurozone experienced a modest 7 percent rise in volume and a 22 percent jump in monetary value, underscoring a more aggressive escalation in Cyprus.

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Dominance Of Card Payments And The High Cost Of Credit Transfer Fraud

Card payments, particularly through unauthorized online channels, dominated the landscape by accounting for 94 percent of fraud incidents. Although these transactions generated €1.2 million or 39 percent of total losses, the bulk of the financial damage stemmed from credit transfer fraud. These cases, although fewer, resulted in losses amounting to €1.8 million, representing 60 percent of the overall fraudulent impact. Notably, the majority of credit transfer fraud involved authorised push payment (APP) scams, a technique that exploits payer manipulation and now comprises three-quarters of such incidents.

Increased Exposure In Cross-Border Transactions

The report further highlights heightened vulnerabilities in cross-border transactions. Fraud detection reveals that card payments processed outside Cyprus are 25 times more prone to fraud, while cross-border credit transfers present a tenfold risk. These findings spotlight the critical need for advanced security measures in international digital commerce, mirroring challenges seen across global markets.

Effective Protections And Security Measures

Strong customer authentication (SCA) emerged as a notable countermeasure in mitigating fraud, with transactions secured by SCA demonstrating a fivefold reduction in scam incidences. Meanwhile, incidents involving cheques and direct debits remained minimal, reinforcing the targeted nature of the current fraudulent activities.

Conclusive Insights

While the recent surge in payment fraud in Cyprus underscores a growing threat landscape, the overall incidence remains exceptionally low in proportion to the volume of transactions. Maintaining fraud at below 0.002 percent for card payments and 0.01 percent for credit transfers, Cyprus continues to benchmark favorably against its eurozone counterparts. This analysis not only reinforces the importance of robust fraud prevention strategies but also highlights the emerging challenges of cross-border transactions and APP scams in an increasingly digitized economy.

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Cyprus Ranks Among EU Leaders In Tertiary-Educated ICT Workforce

High Educational Attainment Sets Cyprus Apart

Recent data from Eurostat showed that Cyprus is expected to rank among the leading European countries for tertiary-educated ICT professionals in 2025. According to the figures, 96.4% of ICT professionals in Cyprus are projected to hold tertiary education qualifications, placing the country among the highest-ranked members of the European Union.

Gender Disparity Remains A Critical Challenge

Despite the high level of educational attainment, the ICT workforce in Cyprus continues to show a significant gender imbalance. Men are projected to account for 85.1% of ICT employees in 2025, while women are expected to represent 14.9% of the sector. In 2024, the split stood at 70.9% for men and 29.1% for women. The figures highlighted a widening gender gap within the country’s ICT workforce.

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European Union Trends And Comparative Analysis

Across the European Union, the number of ICT professionals is projected to increase to 3.4 million in 2025 from 3.2 million in 2024, representing annual growth of 5.1%. Men are expected to account for 83.4% of ICT employment across the bloc, equivalent to approximately 2.8 million workers, while women are projected to represent 16.6%.

National Performance Variability In Gender Representation

Countries within the EU show a varied landscape: the highest percentages of male ICT professionals are reported in the Czech Republic (92.9%), Slovenia (89.1%), Latvia (89.0%), Lithuania (88.9%), and Slovakia (88.4%). On the contrary, nations such as Denmark (30.0%), Sweden (29.8%), Romania (28.6%), Bulgaria (25.6%), and Croatia (25.2%) lead in female participation in the ICT arena.

Educational Background Across The European ICT Sector

Eurostat data also showed that most ICT professionals across the EU hold tertiary education qualifications. By 2025, 74.8% of ICT workers in the bloc are projected to have university-level education, while 25.2% are expected to hold secondary or post-secondary qualifications. Denmark recorded the highest share of tertiary-educated ICT professionals at 97.7%, followed by France at 96.6% and Cyprus at 96.4%. Other countries with high levels of tertiary-educated ICT workers included Ireland at 92.3%, Bulgaria at 91.1%, and Croatia at 90.9%. At the lower end of the ranking, Italy recorded 69.2%, while Portugal stood at 58.8%.

Conclusion

The data perfectly encapsulates the dual narrative in the ICT sector: while countries like Cyprus and Denmark achieve remarkable educational standards among ICT workers, persistent gender disparities remind us that diversity remains an ongoing challenge. As the ICT landscape continues to evolve, strategic policy formation and corporate governance will be pivotal in balancing excellence with inclusivity.